As you know, Bitcoin is gaining more and more supporters nowadays and, without a doubt, its economical power has become susceptible. Just yesterday, the price of 1 Bitcoin was worth well over $7000. This raises various questions, and one of them certainly is “What do we know about this cryptocurrency”?
While it is true that Bitcoin is by no means the only cryptocurrency in existence, it is by far the most influential one.
The mysterious creation of Bitcoin
Did you know that the creator of Bitcoin is unknown? However strange this may sound, ever since the initiation of Bitcoin 9 years ago, there have been numerous speculations about the founder of Bitcoin. And yet, no one can positively say exactly who the mysterious man is.
A pseudonym titled Satoshi Nakamoto is known to have published the Bitcoin whitepaper. The paper was, of course, made public. But interestingly, the real name of the person behind that pseudonym is still unknown.
According to some conspiracy theorists, Bitcoin is the creation of four big companies: Samsung, Toshiba, Nakamichi, and Motorola. In Satoshi Nakamoto, Samsung and Toshiba correspond to Satoshi, and Nakamichi and Motorola correspond to Nakamoto.
Bitcoin casino games have higher odds and offer bigger payouts
The casino games you play now have relatively low payout percentages, whereas Bitcoin casinos have high odds and payout percentages. What this means is that playing in a Bitcoin casino is more profitable than playing in a regular casino. But how does Bitcoin casino keep its odds high?
Well, operators of regular online casinos have to handle payment processing costs each time a player makes a transaction. So, in order to compensate for their losses, casinos reduce the odds of winning their games. However, Bitcoin transactions are entirely free, so there are no payment processing costs. Thus, operators do not need to lower their odds. If you find bitcoin casinos attractive you can read more on Casino Guardian.
The first Bitcoin purchase
May 22 is celebrated as Bitcoin Pizza Day. But do you know why? Back in the day, Bitcoin was so worthless that nobody used it to purchase anything. Things changed in 2010 when someone used Bitcoins to… buy pizza. Which is still a big deal, since at that time no retailer accepted the currency for goods or services.
On May 22, 2010, two Papa John’s Pizzas were bought for 10,000 BTC. This was the first official documented purchase of goods with the use of the cryptocurrency. At the time, 10,000 BTC was the equivalent of $41. Today, as we know, 1 BTC is sold for well over $7000.
The importance of the private key
The following story will make you understand why you should never lose your private key.
In 2013, an IT specialist called James Howells lost 7,500 Bitcoins. The guy was decluttering his desk at home, but unfortunately, he discarded his hard disk with the personal keys of all the Bitcoins he had mined in 2010. The more peculiar thing: it never occurred to him that he had made a terrible mistake. He only realized his stupidity when he heard of a Norwegian man who made a fortune using BTC. He searched and looked around for his hard disk but it was nowhere to be found.
As you probably think, you cannot utilize your Bitcoins unless you have the private key. It is estimated that people have lost 25 percent of all Bitcoins in existence in similar cases.
If the IT guy were to find his BTC, he will have the equivalent of $19.4 million.
Bitcoin is finite
The creator of Bitcoin has not created his currency limitless, for there will be only 21 million bitcoins in the world.
Currently, 16.3 million of the total bitcoins are being traded. The last bitcoin will be mined in 2140 and after that, there will be no more bitcoins to mine.
Bitcoin is immune to ban
Since Bitcoin essentially provides a way for people to operate with their money without being traced, there are constant talks about banning the currency. Why are people so hostile? Because Bitcoin operates independently of traditional banking systems (and quite successfully, too).
However, the basic design of Bitcoin is such that banning the currency is impossible. The currency can only be regulated. Actually, all you need in order to engage in Bitcoin is a Bitcoin wallet and an Internet connection.
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